I will be purchasing a late model boat within the next 12-18 months. Looking at spending 15-20k. What kind of intrest rates/terms am I looking at for purchasing a used boats? Thank you for the info.

This was last season but got 3.9% from local credit union for a used boat. The consider new anything passed 2009. www.sefcu.com. Its in New York.

Model Years '09 - '12
New RV & Boat 24 Months 2.75%
New RV & Boat 36 Months 2.75%
New RV & Boat 48 Months 3.25%
New RV & Boat 60 Months 3.25%
New RV & Boat 72 Months 4.00%
New RV & Boat 73-180 Months 7.50%

I will be purchasing a late model boat within the next 12-18 months. Looking at spending 15-20k. What kind of intrest rates/terms am I looking at for purchasing a used boats? Thank you for the info.


Interest rates will depend 100% on your strength as a buyer. Credit history, credit score, credit card debt, debt to income, loan to value, time on the job, time in home...... Nothing automatic with a rate that fits all buyers. The only way to know is to check your bureau and see what is there. There are also regional lenders you may qualify for that someone else might not. Let us know if we can help, Ken

GETDNET:

First off - seek out a Credit Union vs. a bank. You will get your best deal there.

We offer 1.9% for up to 36 months as a special. We also run a boat loan promo where we do 100% financing up to 120 months (depending on the boat value). Credit score does influence rate & term. Best rate right now is 5.75% on a 120 month loan. Some may say that is a little high, but we do finance 100%.

Anyway you look at it, you can't lose going with a credit union. One last suggestion, skip the credit life insurance if its offered. Only buy the credit disability insurance if you are financing an high end (expensive) boat for a longer term. If you're young and in good health - skip it all.

Best wishes,
FGH

I will be purchasing a late model boat within the next 12-18 months. Looking at spending 15-20k. What kind of intrest rates/terms am I looking at for purchasing a used boats? Thank you for the info.

All the info given on what "your rate" will or should be is 100% guess work. First, for a credit union you need to qualify. That could mean where you live or work. All credit unions have a list of how a person qualifies. All lenders have rates based on credit history. To tell you that your rate should be ??% is not correct. We work with a couple credit unions that have the same rates as published above but not everyone gets those rates. Be carefull of what you expect before having someone look at at your bureau as seeing what is there. We never quote a rate until taking a look. Let us know if we can help, Ken

Thanks guys!

I did end up getting a 3.9% 60mo. loan through my local credit union.

As I was doing some business at my bank(WF) last week I ran into a loan officer and asked what the current boat loan rate was and her response nearly knocked me over. Can her response of 10-10.5% be correct? I was expecting 6-7% ...I must be out of touch. I realize banks are not looking to do much in the form of recreational loans but this sure seems extreme to me.

I was told 7.25-12.25 . Like said above this has everything to do with credit score etc....

I was told 7.25-12.25 . Like said above this has everything to do with credit score etc....

Giving a rate either high or low is really only a guess unless they look at a bureau first. We can do soft pull that does not reflect on your bureau and see what is there.
Let us know if we can help.
Thank you,
Ken

Don't be afraid to haggle with banks. They want your money, make them work for it. When I went into the bank, I told the manager I basically am looking to get as low rate as possible or else I'd just save my money for a year and buy cash instead. Their initial offering was over 4% higher than where I set my sights. The manager is only able to offer a half percent lower at their discretion, so she had to submit a special rate request. It came back at prime plus 3%, which was what I considered acceptable. I would imagine I probably could have gotten a slightly better interest rate if I wasn't only taking the loan over a 1 year term.

The majority of credit unions are not going 10yr anymore. I met with two credit unions and they only accommodated 5yrs. Keep in mind, most banks won't lend on anything 10yrs or older. I ran into that hurdle.

As I was doing some business at my bank(WF) last week I ran into a loan officer and asked what the current boat loan rate was and her response nearly knocked me over. Can her response of 10-10.5% be correct? I was expecting 6-7% ...I must be out of touch. I realize banks are not looking to do much in the form of recreational loans but this sure seems extreme to me.


The bank that my wife and I have all our checking and savings accounts with gave me an estimate like that about 3 years ago, I asked her if she was nuts. I also wanted to know who would pay their crazy loan rates, their vehicle loans were high too. I assume they get the people who don't shop around, the ones who assume "their" bank will do right by them.

I then checked with a local credit union and their rates were much better. So make sure to look around, doesn't hurt to check 5-6 places, actually foolish not to.

The majority of credit unions are not going 10yr anymore. I met with two credit unions and they only accommodated 5yrs. Keep in mind, most banks won't lend on anything 10yrs or older. I ran into that hurdle.


Majority is probably correct. There are some that do and we work with a couple that are really in the boat loan business and offer long terms. The age thing depends on book as well. We find CU's are more flexible and it is the banks that do not like the older units. Maybe some of that is regional.
Let us know if we can help.
Thanks,
Ken

Going in to sign the papers on a boat loan in the AM. 4.5% at my local bank and they are treating it just like a car or truck loan. I expect to have it paid off in 12 to 18 months anyway, but opted for the 4 year just in case something happened to either mine of the wife's job.